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Interdependent value auctions with insider information: Theory and experiment
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Choi, Syng Joo | - |
dc.contributor.author | Guerra, Jose-Alberto | - |
dc.contributor.author | Kim, Jinwoo | - |
dc.date.accessioned | 2024-05-16T01:45:53Z | - |
dc.date.available | 2024-05-16T01:45:53Z | - |
dc.date.created | 2020-03-20 | - |
dc.date.created | 2020-03-20 | - |
dc.date.created | 2020-03-20 | - |
dc.date.created | 2020-03-20 | - |
dc.date.created | 2020-03-20 | - |
dc.date.created | 2020-03-20 | - |
dc.date.issued | 2019-09 | - |
dc.identifier.citation | Games and Economic Behavior, Vol.117, pp.218-237 | - |
dc.identifier.issn | 0899-8256 | - |
dc.identifier.uri | https://hdl.handle.net/10371/202835 | - |
dc.description.abstract | We develop a model of interdependent value auctions in which two types of bidders compete: insiders, who are perfectly informed about their value, and outsiders, who are informed only about the private component of their value. Because the bidding strategy of outsiders cannot efficiently adjust with that of insiders, the second-price auction is inefficient. The English auction has an equilibrium in which the information outsiders infer from the history of drop-out prices enables them to bid toward attaining efficiency. The presence of insiders has positive impacts on the seller's revenue. A laboratory experiment confirms key theoretical predictions, despite evidence of naive bidding. (C) 2019 Elsevier Inc. All rights reserved. | - |
dc.language | 영어 | - |
dc.publisher | Academic Press | - |
dc.title | Interdependent value auctions with insider information: Theory and experiment | - |
dc.type | Article | - |
dc.identifier.doi | 10.1016/j.geb.2019.06.007 | - |
dc.citation.journaltitle | Games and Economic Behavior | - |
dc.identifier.wosid | 000487566400011 | - |
dc.identifier.scopusid | 2-s2.0-85069457908 | - |
dc.citation.endpage | 237 | - |
dc.citation.startpage | 218 | - |
dc.citation.volume | 117 | - |
dc.description.isOpenAccess | Y | - |
dc.contributor.affiliatedAuthor | Choi, Syng Joo | - |
dc.contributor.affiliatedAuthor | Kim, Jinwoo | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.subject.keywordPlus | COMMON VALUE AUCTIONS | - |
dc.subject.keywordPlus | WINNERS CURSE | - |
dc.subject.keywordPlus | PUBLIC INFORMATION | - |
dc.subject.keywordPlus | INFORMED BIDDER | - |
dc.subject.keywordPlus | PRIVATE | - |
dc.subject.keywordPlus | EQUILIBRIA | - |
dc.subject.keywordAuthor | Interdependent value auctions | - |
dc.subject.keywordAuthor | Asymmetric information structure | - |
dc.subject.keywordAuthor | Second-price auction | - |
dc.subject.keywordAuthor | English auction | - |
dc.subject.keywordAuthor | Experiment | - |
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